Pakistan Aluminium Beverage Cans Limited ("PABC" or the “Company”) is a Public Listed Company. The Company got registered in 2014 and started its commercial production in September 2017 and they are only aluminium beverage cans manufacturer in Pakistan. The Company has following certifications: ISO 9001, 2015 QMS, FSSC 22000 (V5.1) Food Safety and PFA License. The Company is in process of getting certification of Halal.

Background PABC was set up to address a captive customer base, capitalizing on land connectivity of Pakistan and Afghanistan. Ashmore Investment Management Limited & Liberty Group joined hands in 2015 to execute the project. Ashmore Mauritius PABC Limited is a company based in Mauritius and is owned by Ashmore Cayman SPC No 2 Limited which is based in the Cayman Islands. During the financial year 2021, Ashmore Mauritius disposed its shares in the Company, and received total sales proceeds of Rs 7,488.4 million in an escrow account in the name of the Company which was opened under the terms of an escrow agreement dated July 07, 2021. 

PABC operates from a modern production facility in M-3 Industrial City, Faisalabad, serving customers both in Pakistan and internationally. Company is committed to quality, sustainability, and ethical business practices always prioritizing customer satisfaction. Within a short span, the PABC has not only captured the entire market in Pakistan, but also accounts for more than half of market in Afghanistan – and continues to expand its footprint in new markets (USA, Tajikistan and Bangladesh).The production facility is built on a 20.9 acre of land in Special Economic Zone, with a capacity to produce 1200 million cans per annum, The strategic location of PABC’s plant has been proven to be instrumental in its success, allowing cost advantage due to close proximity of PABC’s plant with key beverage bottlers in Pakistan & Afghanistan. Scope of markets include Pakistan, Afghanistan, Bangladesh and other Countries in the South West Asia.

Currently directors, and substantial shareholders collectively own 55.62% of the shares. Zain Ashraf Mukaty holds 20.99%, Temor Ashraf Mukaty holds 17.30%, and Ahmed Ashraf Mukaty holds 17.30%. Soorty Enterprises Pvt Ltd holds 20% along with Liberty Mills Limited and Libert Power Tech Limited holding respectively 1.3% and 1.6%. Banks, DFIs, and NBFIs own 3.31%, and the general public holds 18.17% of the shares.

Mr. Zain Ashraf Mukaty, a graduate with highest honors from the University of Pennsylvania in Economics and Engineering, has played a pivotal role in expanding the Liberty Group’s portfolio through various strategic ventures, including wind power, aluminum cans, and textiles. As CEO of Oncogen Pharma, he led the development of Pakistan’s first compliant cancer drug manufacturing facility. He also serves on key boards and steering committees, contributing to major energy and mining projects across the country.

PABC’s leadership has shown foresight in capturing market opportunities, fostering export growth, and driving scale, which have collectively enhanced its competitive edge in both domestic and regional markets. PABC has demonstrated strong business acumen through strategic market positioning, operational efficiency, and consistent capacity utilization, enabling it to maintain a dominant presence in the aluminum beverage can industry.

Liberty Group exhibits strong financial health, supported by a sound capital structure, healthy liquidity. Its diversified business portfolio spanning textiles, renewable energy, power generation, and pharmaceuticals mitigates sector-specific risks and enhances overall financial stability. This strategic diversification, combined with consistent cash flows and prudent financial management, underlines the Group’s resilience and long-term sustainability.

The Board of Directors (BoD) of PABC comprises of 7 members with chairman as non-executive director. There are a total of four non executive directors, two independent directors and one executive director as the CEO. The BoD structure is fully compliant as per the code of corporate governance (CCG) guidelines including one female director in the BoD as well.

Mr. Azam Sakrani resigned as Chief Executive effective June 30, 2024, and the Board of Directors appointed Mr. Zain Ashraf Mukaty as the new Chief Executive Officer, effective July 1, 2024.  As a result, the Board committees were reconstituted, with Mr. Azam Sakrani replacing Mr. Zain Ashraf Mukaty as a member. With over 26 years of diverse corporate management experience. Chairman – Mr. Simon Michael Gwyn Jennings has 40+ years of experience. He serves as a strategic advisor and is a valued member of the Human Resource and Remuneration Committee Chairman of the Human Resource and Remuneration Committee, Mr. Salim Parekh as a independent Director brings over 32 years of board experience and holds a Bachelor of Engineering from the University of Texas Austin. His directorship extends to Al Abbas Fabrics, a leading manufacturer and exporter of textile products. Mr. Irfan Zakaria as independent Director, a highly accomplished director, is a Certified Public Accountant (CPA) and holds a Bachelor's degree in Business Administration with a focus on Accounting from the University of Houston, USA. With a diverse career spanning electrical cable manufacturing, textiles, and insurance, Mr. Zakaria serves as CEO of Anam Fabrics (Pvt.) Limited, Chairman of Reliance Insurance Company Limited, and Director of Farhan Sugar Mills Limited. Mr. Asad Shahid Soorty as a non-executive member is also part of Audit committee, brings years of experience in Pakistan's Denim sector and serves as a strategic advisor to the board Ms. Hamida Salim Mukaty represents the board as a non-executive director, Engaged in social welfare and philanthropic initiatives within the Liberty Group, Ms. Hamida also serves on the board of Liberty Solar Energy Limited. The overall average experience of the board is 22 years. Mr. Ahmed Ashraf Mukaty, a Non-Executive Director, joined the Board on May 23, 2025. He holds a Bachelor of Science degree in Finance and Operations Management and brings over five years of experience in strategic management

The Board met four times during CY24, with the majority attendance to discuss pertinent matters. The minutes of the meetings are documented properly. To ensure effective governance, the Board has formed two committees, namely, (i) Audit and Risk Committee (ii) Human Resource and Remuneration Committee. Audit and Risk Committee chaired by Mr irfan Zakaria and Human Resource and Remuneration Committee chaired by Mr. Salim Parekh respectivily.

PABC, has appointed Kreston Hyder Bhimji & Company Chartered Accountants as its external auditors. The firm holds a Category-A rating by the State Bank of Pakistan (SBP) and maintains a satisfactory QCR rating. The company ensures adequate disclosure in the notes to its annual reports, in accordance with the requirements for all listed entities.

The Company has established a well-defined management structure divided into functional departments with clear lines of responsibilities.

The CEO - Mr. Zain Ashraf Mukaty has been an integral part of the new venture development team at Liberty Group. He has a multifaceted role and is involved in various new projects that diversified Liberty Groups portfolio. He lead the project development, financing and execution of 2 x 50 MW wind power projects, Liberty Wind Power 1 & 2, as the Executive Director. In addition, as Chief Executive Officer at Oncogen Pharma (Private) Limited, He developed the first compliant cancer drugs manufacturing facility in Pakistan. His key role in the company is highly enterprising, focusing on project design, execution, technology transfer and commercialization. Mr. Zain is a key member of the steering committee of Engro PowerGen Thar Limited, which oversaw the project execution and subsequently operations of the $1.1 billion indigenous coal-fired power project. He is also a steering committee member of National Resources Limited, which is focussed on large scale mining in Pakistan. The CFO – Mr. Asad Zaidi has an overall experience of 21 years. The Company Secretary - Mr. Sohail Akhtar Gogal has an overall experience of 21 years and have been associated with the group for past 4 years. The General Manager/Controller Plant – Mr. Mohamed Moustafa has an overall experience of 15 years and been associated with the company for past 4 years. Head of Internal Audit – Mr. Obaid-Ur-Rehman has an overall experience of 10 years and been associated with the Company for past 5 years.

The experience of the sponsors along with a professional management team has support the Company to streamline their operations and cut down on their costs.

The Company has outsourced SAP Business One Module as Management Information System which is adequate for normal business processes.

Pakistan Aluminium Beverages and Cans Limited maintains a structured control environment, supported by defined governance practices, internal policies, and oversight mechanisms to ensure operational integrity, regulatory compliance, and risk mitigation.

Pakistan's packaging industry is primarily divided into four key segments: paper, plastic, tinplate, and glass. Of these, the paper and plastic segments dominate the market share. PABC operates within the tinplate/cans segment, where demand is closely tied to the production levels of canned beverages. A substantial portion of the direct costs in this segment stems from imported raw materials, rendering the business highly vulnerable to exchange rate volatility and fluctuations in international commodity prices.Over the recent years (FY20- FY24), the Paper Packaging segment has remained largely stable in terms of its quantum of production. This segment is being driven by the growing consumer awareness of sustainable packaging and the stringent rules enforced by various environmental protection organizations ( regarding the usage of environmentally friendly packaging items.

PABC is the only producer of Aluminium Beverage Cans in Pakistan.

Despite encountering economic challenges, the Company witnessed a substantial increase in net sales, rising by PKR 5.5bln to reach PKR 23bln. This represents 17% increase compared to the corresponding period of the previous year. (2023: PKR 19.7bln) The surge in revenue can be attributed to increased sales of cans and improved pricing. However, it's noteworthy that while overall sales exhibited significant growth, domestic sales also rose, driven by increased local consumption, reaching PKR10bln (2023: PKR 9bln). The increase in sales led to a 22% rise in net profits, totalling PKR 6bln.

In CY24, the gross margin and operating profit margin both decreased as compared to CY23. The GP margin decreased from ~ 38.7% in CY23 to ~ 36.5% in CY24. While the OP margin decreased from ~ 31.8% in CY23 to ~ 26.9% in CY24. But, the net profit margin of the Company increased from ~ 25.4% in CY23 to ~ 26.5% in CY24

Cash conversion eficiency stood at 32.9% in CY24 as compared to 30.8% in CY23. Return on assets and return on equity of the company stood at 23.0% and 44.6% respectively for CY24 (CY23: 27.3% and 57.3%). Asset turnover for the company was 86.8% as of Dec’24.

The Company has reduced the working capital requirement by eficiently managing the inventory and reducing receivable days by collecting sales in advance. At the end of CY24 the Company’s net inventory days decreased to ~83 days from ~93 days in CY23. Meanwhile, trade receivable days decreased to ~11 days from ~13 days during the same period. During CY24 the trade payable days decreased to ~19 days from ~23 days. Meanwhile, the Company’s net working capital days decreased to ~75 days during CY24 from ~83 days at the end of CY23.

In CY24, the Company’s FCFOs stood at ~PKR 7,584mln increasing from ~PKR 6,080mln in CY23. During CY24, FCFO/Finance cost stood at ~ 8.2x decreased from ~ 9.8x of coverage due to a significant increase in the finance cost. The finance cost stood at ~PKR 1,022mln increased from ~PKR 719mln. Their Liquid coverages increased and remarkably stands at 7.5%. (Dec'23: 1.5%) 

At the end of CY24 the long-term borrowing has decreased to ~PKR 1,177mln from ~PKR 1,425mln end CY23 and the fixed assets decreased to ~PKR 7,349mln from ~PKR 7,585mln.While the short-term borrowing has increased to ~PKR 8,041mln from ~PKR 4,978mln during the same period. Company equity increase and stands at 16,740mln (Dec'23: 10,635mln).